FOR IMMEDIATE RELEASE

Jefferies Hires Robert Lessin as Vice Chairman; Addition of Former Salomon Smith Barney Vice Chairman Continues Expansion of Investment Bank

NEW YORK, Oct 14, 2002 (BUSINESS WIRE) -- Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF), today announced the hiring of Robert H. Lessin as a Vice Chairman of the firm.

He will focus on leveraging his extensive relationships, developed over twenty-five years on Wall Street, with Jefferies' outstanding financial advisory services and ability to execute transactions in all areas of the capital markets. He will be based in the firm's New York headquarters.

The addition of Mr. Lessin is another significant step in the ongoing growth of Jefferies' Investment Banking Department and a demonstration of the firm's strength in the current environment. On its way to becoming a leading investment banking firm on Wall Street, Jefferies has recently hired several senior professionals, including Raymond J. Minella as Director of Capital Markets Origination, Gregg H. Feinstein as Director of Mergers & Acquisitions, and David C. Reilly, who joined as head of the firm's Services Group last month along with 20 additional professionals formerly of Robertson Stephens.

Mr. Lessin began his career at Morgan Stanley where he became the youngest-ever partner in 1987, Vice Chairman of the Investment Banking Operating Committee in 1990, and Chairman of the Investment Bank's Strategy Committee in 1993. More recently, Mr. Lessin was Vice Chairman of Salomon Smith Barney. He was also a member of the firm's Executive Committee and Head of the Investment Bank, a position he held from 1993 to 1997. From 1998 to 2000, Mr. Lessin held the role of Chairman of Wit Capital Group, Inc., now known as SoundView Technology Group, Inc. He will continue to be a consultant to and Chairman of SoundView Ventures and the Dawntreader Funds. Mr. Lessin received a Masters in Business Administration from Harvard Business School and graduated magna cum laude from Harvard College.

"The high quality of Bob Lessin's relationships are the result of his years of creative thinking and proactive strategies in helping clients to realize value," commented Richard B. Handler, Chairman and Chief Executive Officer of Jefferies. "Jefferies is committed to enhancing the quality and expanding the breadth of services we can offer our investment banking and trading clients.

Commenting on Jefferies' continued expansion, Mr. Handler added, "We are seeking to increase our market presence during this difficult period for our industry, while, at the same time, we are intensely focused on containing our costs and maximizing productivity. We believe our strategy will yield a preeminent position for Jefferies in the years to come."

"Bob Lessin is a legendary, world-class financier and will be key to continued growth in Jefferies' capital markets activities," said John C. Shaw, Jr., President of Jefferies. "His leading role on Wall Street brings tremendous credibility to our efforts."

"Jefferies possesses a superb skill set in all aspects of investment banking and the capital markets--they are very good at what matters," remarked Mr. Lessin. "I'm proud to leverage my client relationships with the people of Jefferies because they understand what is important. The firm continues to attract talent in a world where relationships and trust are key," he added.

About Jefferies

Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF), is a full-service investment bank and institutional securities firm focused on the middle market. Jefferies offers financial advisory, capital raising, mergers and acquisitions, and restructuring services to small and mid-cap companies. The firm provides outstanding trade execution in equity, high yield, convertible and international securities, as well as fundamental research and asset management capabilities, to institutional investors. Additional services include correspondent clearing, prime brokerage, private client services and securities lending. The firm's leadership in equity trading is recognized by numerous consulting and survey organizations, and Jefferies' affiliate, Helfant Group, Inc., executes approximately 10% of the daily reported volume on the NYSE.

Through its subsidiaries, Jefferies Group, Inc. employs more than 1,300 people in 20 offices worldwide, including Atlanta, Boston, Chicago, Dallas, Hong Kong, London, Los Angeles, New York, Paris, San Francisco, Tokyo and Zurich. Further information about Jefferies, including a description of investment banking, trading, research and asset management services can be found at www.jefco.com.

CONTACT:
Jefferies & Company, Inc.
Tom Tarrant, 203/708-5989
ttarrant@jefco.com